Matsa Resources Limited (AU:MAT)
ASX:MAT
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Matsa Resources Limited
(Sydney:MAT)
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Rating:47Neutral
Price Target:
AU$0.07
▼(-43.33% Downside)
Action:Reiterated
Date:06/11/26
The score is held back primarily by weak and inconsistent operating performance (including historically loss-making results and low confidence in the latest profitability due to zero reported revenue) and bearish technical conditions (price below major moving averages with negative MACD). Partially offsetting this is an improving balance sheet and the recent shift to positive operating/free cash flow, though cash flow reliability remains mixed.
Positive Factors
Stronger balance sheet
Improved leverage and a larger equity base provide a durable financial buffer for a junior explorer. Lower relative debt and positive ROE enhance flexibility to fund drilling, pursue farm-outs, or withstand exploration setbacks without immediate dilutive capital raises.
Negative Factors
Zero reported revenue
Reported profit without operating revenue weakens confidence in earnings quality; gains may be non-recurring or accounting items. Lack of recurring sales undermines predictability of cash flow and the repeatability of profitability over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet
Improved leverage and a larger equity base provide a durable financial buffer for a junior explorer. Lower relative debt and positive ROE enhance flexibility to fund drilling, pursue farm-outs, or withstand exploration setbacks without immediate dilutive capital raises.
Read all positive factors
Matsa Resources Limited (MAT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$67.01M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)1.87
Revenue GrowthN/A
EPS Growth-371.70%
CountryAU
Employees10
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding971,152,160
10 Day Avg. Volume2,824,082
30 Day Avg. Volume3,018,672
Financial Highlights & Ratios
PEG Ratio-0.25
Price to Book (P/B)2.17
Price to Sales (P/S)0.00
P/FCF Ratio29.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Matsa Resources Limited Business Overview & Revenue Model
Company Description
Matsa Resources Limited is a company dedicated to the discovery and development of mineral assets, with operations primarily located across Western Australia and Thailand. The company's primary focus is on identifying and exploring for a diverse r...
How the Company Makes Money
Matsa Resources Limited primarily makes money through the mineral exploration value chain rather than ongoing product sales. Its potential revenue sources include: (1) asset monetisation—selling exploration tenements/projects outright or partially...
Matsa Resources Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.73M | 0.00 | 0.00 | 0.00 | 0.00 | 8.05M |
| Gross Profit | -25.63M | -210.02K | -1.46K | -621.72K | -103.38K | -146.48K |
| EBITDA | -21.40M | 1.60M | -3.36K | -3.78M | -3.08M | 3.23M |
| Net Income | -22.65M | 1.43M | -4.60K | -819.00K | -6.03M | -9.65M |
Balance Sheet | ||||||
| Total Assets | 37.27M | 33.13M | 23.28M | 23.23M | 22.64M | 27.83M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.91M | 1.04M | 794.30K | 1.57M | 3.03M |
| Total Debt | 10.10M | 5.96M | 5.58M | 4.68M | 4.20M | 4.40M |
| Total Liabilities | 25.84M | 12.59M | 10.21M | 9.51M | 10.10M | 12.46M |
| Stockholders Equity | 11.35M | 20.46M | 12.99M | 13.64M | 12.47M | 15.29M |
Cash Flow | ||||||
| Free Cash Flow | -15.95M | 1.49M | -3.97M | -2.60M | -4.95M | -7.41M |
| Operating Cash Flow | -11.78M | 4.78M | -3.44M | -868.81K | -3.32M | -5.30M |
| Investing Cash Flow | -4.40M | -4.01M | -477.01K | -2.05M | -959.99K | -2.68M |
| Financing Cash Flow | 18.39M | 5.11M | 4.16M | 1.63M | 2.29M | 8.72M |
Matsa Resources Limited Technical Analysis
Negative
0.12
Price Trends
0.08
Negative
0.09
Negative
0.11
Negative
Market Momentum
>-0.01
Negative
46.25
Neutral
67.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAT, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.07, above the 50-day MA of 0.08, and above the 200-day MA of 0.11, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.25 is Neutral, neither overbought nor oversold. The STOCH value of 67.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAT.
Matsa Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | AU$54.53M | -12.16 | -9.31% | ― | ― | -18.92% | |
47 Neutral | AU$67.01M | -2.65 | -142.42% | ― | ― | -371.70% | |
45 Neutral | AU$49.48M | -2.46 | -40.23% | ― | ― | -140.00% | |
43 Neutral | AU$68.05M | -9.84 | -9.37% | ― | ― | -119.82% | |
41 Neutral | AU$78.44M | -10.11 | -62.36% | ― | ― | 7.11% |
* Basic Materials Sector Average
AU:MAT
Matsa Resources Limited
0.07
<0.01
1.54%
AU:PGO
Pacgold Limited
0.12
0.05
84.62%
AU:AAM
Matador Mining Ltd
0.03
<0.01
10.00%
AU:YRL
Yandal Resources Ltd.
0.21
0.11
100.00%
AU:PTN
Kin Mining NL
0.05
-0.02
-34.29%
AU:VAL
Valiant Gold Limited
0.21
-0.10
-31.67%
Matsa Resources Limited Corporate Events
Matsa Receives Final A$1.65m Option Fee for Lake Carey from AngloGold Ashanti
Jun 17, 2026
Matsa Resources has received the third and final option instalment fee of A$1.65 million from AngloGold Ashanti Australia, taking total payments under their Lake Carey Gold Project tenements option arrangement, including reimbursed costs, to A$9.5...
Matsa Starts Third Gold Processing Campaign at Devon Mine
May 28, 2026
Matsa Resources Limited has commenced its third gold ore processing campaign from the Devon Pit Gold Mine, with ore stockpiled at FMR’s Greenfield plant for a 13-day processing window. Campaign 3 is shorter than the previous run due to the p...
Matsa Advances Security Arrangements on A$17.5m Debt Facility
May 28, 2026
Matsa Resources Limited has advanced amendments to its A$17.5 million debt facility with major shareholder Deutsche Balaton, primarily to formalise security arrangements over its Western Australian gold assets. The company has lodged a second mort...
Matsa Resources Moves to Scale Up Lake Carey Gold Project and Unlock Greater Value
May 5, 2026
Matsa Resources is advancing its Lake Carey Gold Project, which holds an existing resource of 949,000 ounces at 2.5 grams per tonne, by leveraging current production from the Devon Pit and toll treatment at FMR’s Greenfields mill to fund gro...
Matsa Resources Issues New Shares on Exercise of Unlisted Options
Apr 22, 2026
Matsa Resources Limited has confirmed the allotment of 19,505 fully paid ordinary shares following the exercise of unlisted options, modestly increasing its share capital base. The company stated that the shares were issued without a prospectus un...
Matsa Resources Seeks ASX Quotation for Additional Ordinary Shares
Apr 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 19,505 new fully paid ordinary shares, with an issue date of 22 April 2026. The additional securities, arising from the exercise or conversion of existing options or other convertible...
Matsa Resources Issues New Shares Following Option Exercise
Mar 22, 2026
Matsa Resources Limited has confirmed the allotment of 122,640 fully paid ordinary shares following the exercise of unlisted options. The issuance has been completed in compliance with relevant sections of the Corporations Act, with the company st...
Matsa Resources Seeks ASX Quotation for Additional Ordinary Shares
Mar 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 122,640 new ordinary fully paid shares, to be issued on March 23, 2026. The modest size of this share issue suggests a routine capital or incentive-related action, with limited immedi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.